ABSA and Bank of America have both recently launched mobile POS services allowing small business customers to accept card payments using a smartphone. These rollouts in two very different markets highlight the growing popularity of mobile POS devices. Datamonitor research suggests that the opportunities for mobile POS are strongest in developing countries.
Clip, the mPOS service set to launch in Mexico, is capitalizing on a highly lucrative market opportunity, but will face significant challenges in garnering widespread merchant adoption.
Mexican bank Banorte has announced plans to launch a mobile-based financial services program aimed at consumers currently without access to banking services in the country. The scheme will combine a deposit account with the bank alongside a MasterCard debit card, and can be opened online. Other features include the ability to send funds from one account to another using only a mobile phone.
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